Targa Resources, Inc. $TRGP Shares Sold by Waldron Private Wealth LLC

by · The Markets Daily

Waldron Private Wealth LLC trimmed its position in shares of Targa Resources, Inc. (NYSE:TRGP – Free Report) by 28.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,864 shares of the pipeline company’s stock after selling 2,786 shares during the quarter. Waldron Private Wealth LLC’s holdings in Targa Resources were worth $1,855,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Alta Advisers Ltd boosted its stake in shares of Targa Resources by 91.1% in the third quarter. Alta Advisers Ltd now owns 1,571 shares of the pipeline company’s stock valued at $425,000 after purchasing an additional 749 shares during the period. Glaxis Capital Management LLC acquired a new position in shares of Targa Resources in the third quarter valued at approximately $270,000. Claro Advisors Inc. grew its holdings in shares of Targa Resources by 15.1% in the third quarter. Claro Advisors Inc. now owns 1,019 shares of the pipeline company’s stock valued at $275,000 after purchasing an additional 134 shares in the last quarter. Compass Financial Management LLC increased its stake in Targa Resources by 26.2% during the 3rd quarter. Compass Financial Management LLC now owns 154 shares of the pipeline company’s stock worth $42,000 after buying an additional 32 shares during the period. Finally, Rakuten Investment Management Inc. increased its stake in Targa Resources by 9.6% during the 3rd quarter. Rakuten Investment Management Inc. now owns 38,153 shares of the pipeline company’s stock worth $10,434,000 after buying an additional 3,346 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Targa Resources

In other news, Director Waters S. Iv Davis sold 2,400 shares of Targa Resources stock in a transaction on Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the completion of the sale, the director directly owned 1,529 shares of the company’s stock, valued at approximately $458,195.43. The trade was a 61.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul W. Chung sold 1,816 shares of Targa Resources stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total transaction of $537,735.76. Following the sale, the director directly owned 44,000 shares of the company’s stock, valued at approximately $13,028,840. This trade represents a 3.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 7,216 shares of company stock valued at $2,127,634. Insiders own 1.37% of the company’s stock.

Targa Resources Stock Down 2.6%

Shares of Targa Resources stock traded down $7.17 on Friday, reaching $264.65. 2,608,434 shares of the company were exchanged, compared to its average volume of 1,125,636. Targa Resources, Inc. has a 1-year low of $166.18 and a 1-year high of $316.60. The company has a market cap of $56.75 billion, a P/E ratio of 23.42, a price-to-earnings-growth ratio of 1.22 and a beta of 0.76. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The stock’s 50 day moving average price is $289.31 and its 200-day moving average price is $261.35.

Targa Resources (NYSE:TRGP – Get Free Report) last released its earnings results on Thursday, November 5th. The pipeline company reported $3.04 earnings per share for the quarter, topping analysts’ consensus estimates of $2.74 by $0.30. The firm had revenue of $5.60 billion for the quarter, compared to analyst estimates of $4.77 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. As a group, equities analysts forecast that Targa Resources, Inc. will post 11.48 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 17th. Shareholders of record on Friday, October 30th will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, October 30th. Targa Resources’s payout ratio is 47.80%.

Analyst Upgrades and Downgrades

Several brokerages have commented on TRGP. Citigroup raised their price target on shares of Targa Resources from $325.00 to $338.00 and gave the company a “buy” rating in a research report on Friday. Wolfe Research set a $335.00 price target on shares of Targa Resources in a research note on Friday, August 7th. BMO Capital Markets upped their price objective on Targa Resources from $303.00 to $328.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 21st. TD Cowen upgraded Targa Resources from a “hold” rating to a “buy” rating and increased their price objective for the company from $275.00 to $350.00 in a research note on Friday, September 18th. Finally, Morgan Stanley increased their price objective on Targa Resources from $343.00 to $359.00 and gave the company an “overweight” rating in a research note on Wednesday, September 16th. Two investment analysts have rated the stock with a Strong Buy rating and twenty have issued a Buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $325.58.

Check Out Our Latest Report on TRGP

Key Stories Impacting Targa Resources

Here are the key news stories impacting Targa Resources this week:

  • Positive Sentiment: Third-quarter adjusted earnings were $3.04 per share, above analyst estimates of roughly $2.74–$2.81 and up from $2.20 a year earlier. Revenue reached $5.60 billion, also topping estimates. Q3 earnings and revenue beat estimates
  • Positive Sentiment: Targa expects its 2027 common dividend to increase 20%, and declared a $1.25 dividend, reinforcing the company’s cash-return outlook. Quarterly results and dividend outlook
  • Positive Sentiment: The company ordered equipment for a plant expansion and announced Train 14, a new natural gas liquids fractionator. The projects could add capacity and support future growth. Plant expansion and Train 14 announcement
  • Negative Sentiment: Despite the earnings beat and dividend news, TRGP shares declined around the results. One report noted a sharp drop on the SEC filing day, but the coverage provided no clear explanation for the selling. Stock movement around filing day

Targa Resources Profile

(Free Report)

Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets.

The company’s services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling.

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